Today, It’s critically important to have the appropriate safeguards in place to reduce the risk of fraud and identity theft, especially for your senior parents. Because your parents are unlikely to be as savvy about digital technology and may be losing some of their powers of discernment as they age, it will almost certainly be up to you to help them in protecting themselves—and ultimately, your inheritance.
Amid COVID-19, in addition to providing aid for individuals and businesses, the CARES Act increases accessibility to funds and loans from certain retirement plans and accounts. Despite the various new options available under the CARES Act, it is critically important that you carefully consider whether distributions should be taken from any accounts. The tax implications of these options vary, and they should be acted upon only after careful consideration base on your personal goals and capacity.
Your retirement account assets are extremely valuable, and you’ll want to ensure those assets are well managed not just for yourself but for your future generations. While the SECURE Act has significantly altered the tax implications for retirement planning and estate planning, there are still plenty of tax-saving options available for managing your retirement account assets, but these options are only available if you plan for them. Read here to know more.
The changes ushered in by the SECURE Act have dramatic implications for both your retirement and estate planning strategies—and not all of them are positive. Here are three of the SECURE Act’s biggest changes and how they stand to affect your retirement account both during your lifetime and after your death.
Planning for retirement is the best way to make sure that you are financially stable in the future when you won’t be earning an income. This planning includes more than putting aside a certain amount every month, it is more about figuring out how much to save depending on many different factors in your life such as the economy or medical emergencies. Here are some of the most important factors to consider when planning for retirement.
It is important to act as soon as possible and implement these four-year end—and other—year-end tax-saving strategies to lock in your savings and save your family thousands of dollars on your 2019 tax bill. Grabbing these opportunities before they vanish for good helps you get closer to your financial goals. Here are some tax-saving strategies should you consider at the end of 2019.
Managing Retirement Assets Investments yourself has its own pros and cons and whether you choose to manage your retirements assets investments on your own or hire a professional financial advisor, it is always important that you have a clear vision for your financial future and that you understand the financial concepts along with the legal rules associated with your kind of investments to ensure it is protected and to avoid hefty fines.
Most of us don’t have that much extra cash lying around. We simply don’t have the luxury of being able to pay off our family home and maxing out our retirement contributions and investing in a side business. It’s pretty much an either-or proposition. Here are a few options and their advantages.
If you leave your retirement account to the people you love outright, simply by naming them as beneficiaries on your retirement account rather than through a special trust, there are many risks you and your loved ones may face. It’s not hard to protect your retirement account for your beneficiaries with the right planning. We have summarized some of the risks for you here.